Zee Entertainment Enterprises Ltd. has reported a bigger-than-expected quarterly profit on the back of growth in domestic broadcast and digital businesses. Net profit jumped 62.5 percent year-on-year to Rs 530 crore in the quarter ended June, according to its exchange filing. That beat the Rs 388-crore consensus estimate of analysts tracked by Bloomberg.
The company’s advertising revenue for the quarter stood at Rs 1187 crore, a growth of 3.6 percent. Its subscription revenue rose 36 percent to Rs 709 crore. Zee Entertainment’s controlling stakeholder, Essel Group, is reported to be in talks for selling half its stake to a strategic partner to pare debt, and expects binding bids by this month. In June, lenders to Essel Group sold Rs 600 crore worth of Zee Entertainment’s shares pledged as a collateral by the promoters in April and May.